Jay-Z Delays His SEC Hearing By Missing His Court Date
A U.S. District Judge is not happy with Jay-Z, as the MC didn’t show up to his federal court SEC hearing to testify about alleged federal securities law violations.
Jay-Z has come under heavy fire with investigations and allegations into two of his biggest businesses. Rocawear clothing, the then-popular line started by Jay-Z, Damon Dash, and Roc-a-Fella Records, was sold to the Iconix Brand Group. That company has been under investigation by the Securities and Exchange Commission since November 2017 when Jay was first issued a subpoena to appear to testify. He was then issued another one in February 2018, but has yet to provide any dates for his appearance.
Making matter worse, Jay-Z was scheduled to appear in federal court on Tuesday (May 8) to testify about the Iconix Brand Group, but failed to show up or give notice of rescheduling, all of which pissed off U.S. District Judge Paul Gardephe. “This testimony has been delayed for five months and I do not intend to tolerate any more delays,” Gardephe said, according to CNBC.
In an affidavit filed on May 7, the award-winning MC claimed he was rehearsing for a world tour in California, and therefore, couldn’t appear in court in New York. The SEC is investigating the Iconix Brand Group for alleged federal securities law violations in their financial reporting. Iconix acquired Rocawear from Jay-Z for $200 million in 2007. Since then, Jay has maintained publicly-disclosed partnerships with Iconix through his former brand, according to the SEC.
With no word as to when Jay will appear into court, his attorney Alex Spiro previously called the SEC investigation into Iconix a “celebrity witch hunt,” according to USA Today. In related news, Jay-Z’s Tidal streaming service is also under fire for allegedly inflating its streaming numbers for projects done by Beyoncé (Lemonade) and Kanye West (The Life of Pablo) to the tune of “several hundred million” false plays. More plays meant that the two artists garnered higher royalty payments. If these accusations prove to be true, the Jay-Z bought service could be creating a bigger problem for itself.